The International Energy Agency says world demand for oil will fall this year by the most ever due to the economic lockdowns enforced around the world to contain the coronavirus pandemic
The price of oil is falling back further after the Saudi government said half of production that was knocked out by an attack over the weekend had already had been restored
Global stock markets looked set to end a turbulent week on a positive note though worries about the U.S. economy and the trade conflict between the U.S. and China have the potential to derail Friday's recovery.
Britain says it's planning to develop and deploy a Europe-led 'maritime protection mission' to protect shipping in the vital Strait of Hormuz in light of Iran's seizure or a British-flagged tanker in the vital waterway
Oil prices spiked Tuesday to their highest levels since October on supply fears, after the Trump administration said it would soon impose sanctions on all buyers of Iranian oil.
Saud Arabia's oil company has raised $12 billion in a bond issue that shows Western investors are keen to do business with the kingdom despite the scandal over the killing of a dissident journalist.
Official figures show that consumer price inflation in Britain has fallen below the Bank of England's target of 2 percent for the first time in two years
BP says fourth-quarter earnings jumped 65 percent as the London-based energy company rode the wave of higher oil prices and increased production